Summaries - Australian Financial Review
Monday 3/5/2010 Page: 20
Under the Rudd government's $50 million geothermal drilling program, geothermal companies GeoDynamics, Greenearth Energy, Green Rock Energy, Hot Rock and Torrens Energy were promised federal funding of $7 million each in December last year. But they have been starved of the funds after the spending of cash elsewhere like home insulation and the school building program. Hot Rock executive chairman Mark Elliott said, "We were told the delay was to do with Pink Batts and the school program". The geothermal energy sector could help the nation reach renewable energy targets. A geothermal drilling rig could be moved offshore due to the shortage of work; recently, the rig finished drilling a well for Panax Geothermal in South Australia.
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